OMZ Approved for 4-Year Investments of RUR2.4 Billion

OMZ announced that the Board of Directors of Izhorskiye Zavody, a part of OMZ, has approved basic directions for Izhorskiye Zavody development and investments for 2008-2012.

As authorized by the Board on Jan. 15, Izhorskiye Zavody's investment policy is aimed at improvement of power plant engineering technologies, comprehensive modernization of facilities and infrastructure and the building of new facilities, and also at the attraction and education of personnel. All this is expected to allow Izhorskiye Zavody to strengthen its position in the nuclear power plant engineering and oil and gas engineering markets.

Total investment for the period is expected to reach RUR2.4 billion.

Izhorskiye Zavody plans to invest RUR1 billion into modernization of its production facilities for 2008. Most of the sum will be spent for modernization of its welding equipment, implementation of new technologies and the purchase of new machines and machining centers.

OMZ (Uralmash-Izhora Group) is one of the largest Russian heavy industry enterprises. It specializes in engineering, production, sales and maintenance of equipment and machines for the nuclear industry, oil, gas and petrochemical industry, and mining industry, and also in the production of special steels.